Talks Underway With Malaysian Side For Possible Investment In Joint Textile Projects In Uzbekistan

By V.Sankara KUALA LUMPUR, March 17 (Bernama) -- Negotiations are underway between Malaysia and Uzbekistan sides to consider possible investment in joint textile projects in the Central Asian country, said Uzbekistan’s Ambassador to Malaysia, Ravshan Usmanov. Usmanov said the negotiations are being held between potential Malaysian companies and the Uzbekistan Textile and Garment Industry Association (UTGIA) for a possible tie-up of the joint investment project in Ferghana and Samarkand regions of Uzbekistan. “Uzbekistan has a huge potential in the textile industry,” he told Bernama in an exclusive interview via email. He said Uzbekistan’s total annual export of textile industry goods in 2020 was US$1.9 billion (51 per cent of exports is finished products) to 68 countries, and attracted foreign investments for the creation of new productions worth US$3.2 billion. “According to the Active Investment and Export Policy of Textile Industry of Uzbekistan, the country is eyeing to increase its export of fabrics from US$1.9 billion in 2020 to US$7.1 billion in 2025. “The number of people employed in this industry is some 360,000. In 2020, while establishing new production facilities, 16,800 new jobs were created,” he said, adding there are currently 1,970 enterprises registered in Uzbekistan under the textile industry. Usmanov also extended invitation to Malaysian businessmen to participate in three main events organised by UTGIA this year -- Central Asia International Textile Machinery Exhibition (CAITME), Uzbekistan Textile Conference (UTC), and International Exhibition of Textile and Fashion Industry (UzTextile Expo). Commenting on the bilateral investment cooperation with Malaysia, the diplomat said as of 2020, 31 enterprises, including 21 with 100 per cent Malaysian-owned companies, in oil and gas, textile, furniture, electrotechnical products, financial and tourism services, among others, are operating in Uzbekistan with the share of Malaysian investors. “We invite business entities of both countries to be more active for further development of our mutually beneficial cooperation in trade, economic and investment spheres, especially in electrotechnics, pharmaceutical, agriculture, chemical and ICT areas,” he said. -- BERNAMA